Windstream Corporation has entered into various transactions that may cause results reported under Generally Accepted Accounting Principles in the United States (GAAP) to be not necessarily
indicative of future results.

Completed Acquisitions:



On December 2, 2010, Windstream completed the acquisition of Q-Comm Corporation (Q-Comm). The Q-Comm acquisition provided the Company
with increased scale and business revenues, as well as the opportunity for operating synergies with contiguous Windstream markets.



On December 1, 2010, Windstream completed the acquisition of Hosted Solutions Acquisition, LLC (Hosted Solutions). The Hosted
Solutions acquisition provided Windstream with five state-of-the-art SAS 70 Type II certified data centers in Raleigh, N.C., Charlotte, N.C., and Boston, M.A. which serve more than 600 customers. Windstream now operates a total of 12 data centers
across the country.

On August 21, 2009, Windstream completed the sale of its out-of-territory product distribution operations to Walker and Associates of North
Carolina, Inc. (Walker) for approximately $5.3 million in total consideration. These operations were not central to the Companys strategic goals in its core communications business.

To assist investors in evaluating the results of its combined operations, the Company has provided the accompanying unaudited pro forma results, which
includes results from D&E, Lexcom, NuVox, Iowa Telecom, Hosted Solutions and Q-Comm for periods prior to the acquisitions, and excludes results from the out-of-territory product distribution operations and all merger and integration costs
resulting from the completed transactions discussed above. In addition to pro forma adjustments, the Company has presented certain measures of its operating performance, excluding the impact of restructuring charges, pension and stock-based
compensation.

Windstreams purpose for including the results of the acquired businesses and for excluding non-recurring items, the
results of the disposed operations, restructuring charges, pension and stock-based compensation is to improve the comparability of results of operations for all periods presented in order to focus on the true earnings capacity associated with
providing telecommunication services. Additionally, management believes that presenting current business measures assists investors by providing more meaningful comparisons of results from current and prior periods, and by providing information that
is a better reflection of the core earnings capacity of its current businesses. The Company uses pro forma results, including pro forma revenues and sales, pro forma OIBDA and pro forma adjusted OIBDA, as key measures of the operational performance
of its business. Windstream management, including the chief operating decision-maker, consistently use these measures for internal reporting and the evaluation of business objectives, opportunities and performance.

Windstream claims the protection of the safe-harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates,
projections, beliefs and assumptions that Windstream believes are reasonable but are not guarantees of future events and results. Actual future events and results of Windstream may differ materially from those expressed in these forward-looking
statements as a result of a number of important factors. Factors that could cause actual results to differ materially from those contemplated above include, among others: further adverse changes in economic conditions in the markets served by
Windstream; the extent, timing and overall effects of competition in the communications business; continued voice line loss; the impact of new, emerging or competing technologies; the adoption of intercarrier compensation and/or universal service
reforms by the Federal Communications Commission or Congress that results in a significant loss of revenue to Windstream; the risks associated with the integration of acquired businesses or the ability to realize anticipated synergies, cost savings
and growth opportunities; for Windstreams competitive local exchange carrier operations, adverse effects on the availability, quality of service and price of facilities and services provided by other incumbent local exchange carriers on which
Windstreams competitive local exchange carrier services depend; the availability and cost of financing in the corporate debt markets; the potential for adverse changes in the ratings given to Windstreams debt securities by nationally
accredited ratings organizations; the effects of federal and state legislation, rules and regulations governing the communications industry; material changes in the communications industry generally that could adversely affect vendor relationships
with equipment and network suppliers and customer relationships with wholesale customers; unfavorable results of litigation; unfavorable rulings by state public service commissions in proceedings regarding universal service funds, inter-carrier
compensation or other matters that could reduce revenues or increase expenses; the effects of work stoppages; the impact of equipment failure, natural disasters or terrorist acts; earnings on pension plan investments significantly below our expected
long term rate of return for plan assets; changes in federal, state and local tax laws and rates; and those additional factors under the caption Risk Factors in Windstreams Form 10-K for the year ended December 31, 2009. In
addition to these factors, actual future performance, outcomes and results may differ materially because of more general factors including, among others, general industry and market conditions and growth rates, economic conditions, and governmental
and public policy changes. Windstream undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing review of factors that could cause Windstreams
actual results to differ materially from those contemplated in the forward-looking statements should be considered in connection with information regarding risks and uncertainties that may affect Windstreams future results included in
Windstreams filings with the Securities and Exchange Commission at www.sec.gov.